Japan’s SoftBank under-reported income by $380m last fiscal

FILE PHOTO: A man talks on the phone as he stands in front of an advertising poster of the SoftBank telecommunications company in Tokyo October 16, 2015. REUTERS/Thomas Peter/File Photo

SoftBank Group Corp under-reported income to Japan’s tax authorities by around 40 billion yen ($380 million) in the financial year ended March 2019, a person with knowledge of the matter said, requiring the conglomerate to resubmit filings.

The under-reported income was offset by losses recorded that year, the person said, meaning no additional tax was paid.

SoftBank was told it booked expenses in the wrong period, made calculation errors when converting foreign denominated debt and under-reported income at overseas affiliates, SoftBank said without providing details.

SoftBank’s domestic wireless unit, SoftBank Corp, was also told it under-reported income by 3 billion yen due to booking expenses in the wrong period, a spokesman for the telco said.

It paid additional tax of more than 1 billion yen, the spokesman said.

Reuters

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.